We anticipate the creation of a new PPP allowing business owners to seek assistance, as well as allowing previous borrowers to apply for a second loan. This program still needs to be passed through the House, Congress and signed by the President 

• It is expected that if a borrower had a drop in revenue, they may be eligible for a new loan
• The headcount limitation may also be reduced to 300 from 500 employees
• The new loan program also anticipates forgiveness as we continue to wait for complete directions from the SBA

We’ve partnered with Newtek on this venture, so as more specifics become available, we will make sure to share them with you. In the meantime, if you have any questions, please do not hesitate to reach out to Newtek at hello@newtekone.com.

California Coast Credit Union & Newtek are committed to serving your financing needs with this important program.

Regards,

California Coast Credit Union